Pandora’s US Sales Rise 11 Percent

The Northeast region came in the strongest, the company said

Pandora’s U.S. sales showed strong growth in its second quarter (ended June 30), with revenue growing 11 percent in dollars.

Overall U.S. revenue totaled DKK 1.268 billion ($190 million) for the quarter. Comp sales at its concept stores were up 2 percent. Revenue for charms was flat in local currency, while rings and earrings performed better. The Northeast region came in the strongest, with 4 percent growth, but the Western region was hit by “declining traffic in Las Vegas,” said CEO Anders Colding Friis in a conference call following the release of its financial results. The company’s eSTORE saw a more than 100 percent traffic increase.

In response to a question, Friis said the company hasn’t seen any cannibalization from the eSTORE.

“In our general thinking, the two channels work well together so the total will be bigger,” he said.

Friis said that over the last year, the charm manufacturer has dropped net 388 multi-brand stores in the United States as part of its ongoing “cleanup,” though some of those were Jareds that were converted to shop-in-shops. He did not specify how many stores were closed during the second quarter specifically.